Fish feed manufacturer BioMar has reported double-digit revenue and profit growth for the 2016 year to December.

The Grangemouth-based company, part of the wider Danish group of companies, said the UK market for salmon fish feed is “extremely consolidated” with just five salmon farmers accounting for more than 95 per cent of feed volume an three main feed manufacturers producing 99 per cent of all feed.

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BioMar notes sales rose 18.7 per cent last year to £99.3m and improvements in efficiencies, developing new markets and foreign exchange gains lifted pre-tax profits 19 per cent to £5m.

The company notes it has made “significant investment” ramping up its production facility in the year in response to a Scottish Government pledge to support 20 per cent growth in farmed salmon between 2014 and 2020.

BioMar said it is also “actively” targeting export markets.

Sales in the UK were broadly flat last year at £68.5m (2015: £68.1m) and sales to Europe were down more than 10 per cent to £11.8m (2015: £13.2m).

However exports to rest of world rose nearly 800 per cent to £18.8m(2015: £2.1m).

Other operating income rose to just over £1m in the year, from £282,000 in 2015, including £455,000 in foreign exchange gains, which lifted operating profit to £4.8m, up from £3.8m the prior year.